NIFTY TECHNICAL OUTLOOK

Based on Market Closing – Tuesday, March 11, 2025

Nifty closed at 22,497.90, gaining 37.60 points (+0.17%). The positive trend may continue if the index breaks above the intraday resistance at 22,500.

The session began with a negative bias, as Nifty opened at 22,345 before gradually recovering and reaching an intraday high of 22,522.10, finally settling at 22,497.90. Sectorally, realty, financial services, metals, and pharma led the gains, while banks, IT, auto, and media lagged. Market breadth remained negative, with 866 stocks advancing, 1,869 declining, and 147 unchanged. Among individual stocks, TRENT, BPCL, SUNPHARMA, and ICICIBANK were the top gainers, whereas INDUSINDBK, INFY, M&M, and BAJAJFINSV were the biggest losers.

Technical Outlook

Momentum indicators signal a positive trend, with the index trading above its short-term moving averages. Additionally, the formation of a white candle on the daily chart, with a close near the day's high, suggests strength. If Nifty moves above 22,500, the positive momentum may continue. The nearest intraday support stands at 22,400, while a strong bullish trend would require a close above 22,750.

If Nifty sustains above 22,500, the rally may extend. However, failure to break this level could lead to short-term consolidation.

Key Levels to Watch

Intraday Levels (15-Minute Charts): Support: 22,400, 22,300, 22,200 Resistance: 22,500, 22,600-22,700

Positional Trading Levels: Short-Term Support: 22,000-21,200 Resistance: 22,750-23,500

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, the Bank Nifty closed at 47,853.95, declining 362.85 points. Technical indicators suggest a negative trend, with the index trading below its short-term moving averages. Additionally, the formation of a Doji candle on the daily chart, along with a close below the previous session’s level, signals indecision and a bearish bias.

On the downside, 47,750 serves as a crucial short-term support. If the index falls below this level, the downtrend may extend further. However, if Bank Nifty sustains above 47,750, it may enter a consolidation phase. On the upside, intraday resistance is placed at 48,030; a breakout above this level could signal short-term recovery.

Key Levels to Watch

Intraday Levels (15-Minute Charts): Support: 47,800, 47,600, 47,400 Resistance: 48,030, 48,250, 48,500

Positional Trading Levels: Short-Term Support: 47,750–47,000 Resistance: 48,750–50,000

If Bank Nifty remains below 47,750, further weakness may follow. However, a break above 48,030 could lead to a short-term pullback.